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Buhari Gives States N522b To Reflate Economy

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By Modupe Gbadeyanka

In order to make money available to workers and also to help the economy, President Muhammadu has approved the release of N522 billion to the state governments to enable them pay salary and pension arrears.

The President said states receiving the money have been mandated to use 50 percent of the funds to offset salaries and pensions, stressing that the Federal Government “will audit disbursements to ensure compliance.”

According to Mr Buhari, “The Ministry of Finance is currently processing the first batch of N153 billion, which, I am told, will be released to 14 states.”

The President noted that, “The Ministry will provide more details on how the funds will be disbursed and how we will monitor the utilization to ensure that Nigerians receive the full benefits from their state Governors.”

He said he was making efforts to ensure the economy recovers, urging for more supports from the citizens.

“We know what our challenges are and we are working very hard to provide solutions that will last,” Mr Buhari said.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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